Pune, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Low Code Development Platform Market Size & Growth Analysis:
“As per the SNS Insider Research, The Low Code Development Platform Market size was recorded at USD 22.80 Billion in 2023 and is expected to surpass USD 271.7 Billion by 2032, growing at a CAGR of 31.7% over the forecast period of 2024-2032.”
The Low Code Development Platform market is exponentially growing, basically because organizations need to change themselves faster in the rapidly changing business landscape. These have been game-changing platforms that are enabling businesses to build and deploy applications with minimal coding, speeding up development cycles, and reducing costs. By 2024, it is expected that more than 65% of application development will have low-code tools in use, growing further to about 70% by 2025. A confluence of factors increasing complexity in software development, talented developer shortages, and growing demands for digital transformation initiatives has created fertile ground for the growth of the LCDP market. For Instance, 80% of the business use Low-code because it lowers down the burden on the IT services and provide company with making different digital assets that increase their revenue by 60%.
Over the past few years, the market has undergone consolidation as significant businesses have acquired expertise and products to rival competitors. The announcement made in January about the collaboration between Visa and ServiceNow, to enable lower program code systems, for instance, stated that they would be working to re-imagine significant business processes.
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Major Players Analysis Listed in this Report are:
- Broadcom
- CrowdStrike
- Check Point Software Technologies Ltd.
- Comodo Security Solutions, Inc.
- AO Kaspersky Lab
- SentinelOne
- Trend Micro Incorporated
- McAfee, LLC
- Microsoft Corporation
- Cisco Systems Inc.
- FireEye, Inc.
- CurrentWare
- Cybereason, Inc.
- Druva Inc.
- Fidelis Cybersecurity
- Forcepoint LLC
- Other Players
Recent Developments:
In December 2023, the alliance between EY and Appian was mediated to extend help for digital transformation. This alliance relationship merged EY's industry experience with Appian low-code solutions for modernizing and simplifying business processes.
In November 2023, Oracle Corporation released Oracle APEX 23.2, making it easier to build scale applications with enriched features, extending process automation and adding new UI components to help developers.
Low Code Development Platform Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 22.80 Bn |
| Market Size by 2032 | US$ 271.7 Bn |
| CAGR | CAGR of 31.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Growth Drivers | • Increasing need for Rapid Application Development (RAD), by saving time and resources. • Expanding Digital Transformation among the enterprises. |
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Segment Analysis
Based on End-use, the BFSI segment led the market with a revenue share of over 26 % in 2023. This segment is expected to continue its dominance due to the increasing focus on digital transformation, regulatory compliance, and customer experience enhancement. The BFSI sectors are more dependable on this low code as they have huge customers data which needs to be secure and improve the customer experience, with the help of cloud based services. For Instance, some of the low-code platforms used in this sector are, Cretio, Mendix, Appzillon, etc., which helps them in various fields from sales to marketing to customer relationship management.
Based on Deployment Type, the cloud segment led the low code development platform market with more than 55% of the market share. The combination of these two tools gives companies opportunities to build and deploy applications. Low-code platforms take the time wastage and difficulty out of development, reduce IT overhead and bottleneck by accelerating software through cloud resources to refine enterprise app lifecycle management ensure companies can build innovative applications that scale without needing a lot of coding support.
Low Code Development Platform Market Key Segmentation:
By Deployment Type
- Cloud
- On-premise
By Organization Size
- SME
- Large Enterprise
By Application Type
- Web-based
- Mobile-based
By End-Use
- BFSI
- Automotive & Manufacturing
- Retail
- Education
- IT & Telecom
- Transportation & Logistics
- Others
Regional Analysis
North America held the dominant position in the Low code development platform market with more than 30% of revenue share in 2023, driven by early adoption of digital technologies and the presence of established IT infrastructure. Several leading industry vendors offer low code platforms and services to regional clients. With a strong economic outlook of the US and Canada, low code development platforms market is expected to make its way in this region. Key factors driving the low code development platforms and services market deployment global include significant R&D, partnerships/collaborations among regulators/industry players as well acquisitions & mergers. The major vendors such as Salesforce, Microsoft, Appian and Pegasystems have extended the low code development capabilities featured in their platforms to meet client needs. This is why North America has become the key market expander in the global business.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Key Takeaways
- The Low Code Development Platform market is growing in a robust way due to the accelerated rate of digital transformation and demand for fast application development.
- Most organizations are moving toward cloud deployment because of its scalability and flexibility. The BFSI sector acts as the early mover for a low-code platform in this respect, but other industries are rapidly catching up with it.
- North America is leading the market of low-code development, while at the same time, Asia Pacific is growing as the fastest regional growing market.
- The competitive landscape is dynamic and influenced much by mergers, acquisitions, and product launches.
- Low-code platforms will help businesses innovate more, save costs, and improve customer experiences.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Low Code Development Platform Market Segmentation, By Deployment Type
8. Low Code Development Platform Market Segmentation, By Organization Size
9. Low Code Development Platform Market Segmentation, By Application Type
10. Low Code Development Platform Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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